Summary: Charlotte-Mecklenburg Hospital Authority, North Carolina; System May 08

Standard & Poors, May 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' standard long-term rating and 'AA-' underlying rating (SPUR) on Charlotte-Mecklenburg Hospital Authority, N.C.'s outstanding bonds. The authority does business as Carolinas HealthCare System (CHS). Management plans to restructure $898.8 million in auction- and variable-rate securities. The series 2007G, 2007J, and 2007K bonds ($268.1 million) will be converted to variable-rate demand bonds, supported by Dexia liquidity facilities and insured by Financial Security Assurance Inc. (FSA; 'AAA'). Effective April 25, 2008, the series 2007B, 2007C, and 2007L ($227.2 million) variable-rate demand bonds have amended, irrevocable liquidity facilities from BayernLB, and insurance from Ambac ('AAA'). The series 2007H bonds ($166.1 million) will be converted to variable-rate demand mode, with an irrevocable liquidity facility from a...

Companies mentioned in this report are:
- Charlotte-Mecklenburg Hosp Auth

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Charlotte-Mecklenburg Hosp Auth

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